Sustainability bonds enable capital-raising and investment for those projects that have both a positive impact on the environment and a positive social outcome. This study examines the stock market reaction to the announcement of sustainability bonds issuance. The present research is designed as follows: first, an event study that examines the market reaction and second, a highlight of drivers influencing this market reaction via a linear regression with cluster-robust standard errors. Overall, small and negative sample-wide reactions to sustainability bond issue announcements were found. Additionally, the study finds significant negative abnormal returns before the publication in June 2018 of The Sustainability Bond Guidelines by the International Capital Market Association. Specifically, the size of the bond issue, whether the bond is callable or not, the announcement of the issue as a single event in a day, the company’s Return on Assets, the firm’s social disclosure score, and the issuance of the bond prior or after June 2018 are statistically significant factors that influence the stock returns of issuers.

中文翻译：

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可持续发展债券。国际事件研究

可持续性债券能够为那些对环境产生积极影响和积极社会成果的项目进行融资和投资。本研究考察了股市对可持续债券发行公告的反应。本研究的设计如下：首先，一项检查市场反应的事件研究；其次，通过具有集群稳健标准误差的线性回归，重点介绍影响这种市场反应的驱动因素。总体而言，发现样本范围内对可持续债券发行公告的反应很小且负面。此外，该研究发现，在国际资本市场协会于 2018 年 6 月发布《可持续债券指南》之前，存在显着的负异常回报。具体来说，债券发行的规模，